- Posted April 10, 2014 by
Can Condo Resale Prices Stay Up With So Many Condos Listed?
Is the condo market in Miami saturated? In January of this year, over 10,000 condos were actively listed in the Miami metro area. Analysts have noted that buyers have gained steam, as well as listings, though. So, is the market actually saturated, or are we seeing a spike that will even out as more buyers purchase these listed condos?
Currently, as the economy has stabilized and developers have gained confidence in the market’s future, there’s more competition than there has been in the last few years. Not only are condo owners putting their units up for resale, but there are more new construction and pre-construction units for sale on the Miami market than there has been since before the housing crisis in 2008.
Spring is Condo Season
The first quarter of the fiscal year is a very popular, “in season”, time of year for the housing market in Miami. This is the time of year that potential buyers traveling to the city on vacation so that they can check out new constructions, condos for resale, and neighborhoods where they might want to live. The large inventory of condos for sale during the height of the season is nothing to be worried about.
Resale Prices Are Up
In January of this year, Miami-Dade County showed significant gains in both condo sales and sales of single-family homes. While there may have been a lot of condos listed on the market, there were also a lot of condos being closed on. In fact, there were significantly more than were selling in January of 2013.
At the same time, the median for condo prices rose by about 20 percent this past January, and single-family homes rose by 16 percent.
READ MORE at the Sunny Isles Miami Real Estate Blog